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REGISTERED NUMBER: 04552078 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Advantex Network Solutions Limited

Advantex Network Solutions Limited (Registered number: 04552078)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Advantex Network Solutions Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: D J O'Connell
S O'Connell





SECRETARY: D J O'Connell





REGISTERED OFFICE: 16B Follingsby Close
Follingsby Park
GATESHEAD
Tyne and Wear
NE10 8YG





REGISTERED NUMBER: 04552078 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Advantex Network Solutions Limited (Registered number: 04552078)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,710 12,385
Tangible assets 5 336,284 229,616
340,994 242,001

CURRENT ASSETS
Stocks 6 160,287 196,092
Debtors 7 1,959,830 1,124,032
Cash at bank 428,977 1,155,306
2,549,094 2,475,430
CREDITORS
Amounts falling due within one year 8 901,000 726,489
NET CURRENT ASSETS 1,648,094 1,748,941
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,989,088

1,990,942

CREDITORS
Amounts falling due after more than one
year

9

(260,636

)

(241,815

)

PROVISIONS FOR LIABILITIES 12 - (26,025 )
NET ASSETS 1,728,452 1,723,102

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 1,728,352 1,723,002
SHAREHOLDERS' FUNDS 1,728,452 1,723,102

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Advantex Network Solutions Limited (Registered number: 04552078)

Balance Sheet - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:





D J O'Connell - Director


Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Advantex Network Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is recognised as work is done and any unbilled income is included within work in progress.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs have been amortised over their estimated useful life of three years.

Computer software is being amortised evenly over its estimated life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost and 25% on reducing balance
Motor vehicles - 25% on cost and 20% on cost

Tangible fixed assets are measured at cost less any depreciation and impairment.

Government grants
Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset.

Revenue based grants are credited to the profit and loss account on receipt.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to sell, after making all due allowances for obsolete and slow moving items.

Work in progress represents unbilled income.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.


Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and finance lease commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Factored debts
The factoring facility represents amounts received in respect of financed debts. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to the factoring account are recognised in the profit and loss account over the relevant period.

Operating leases
Rentals payable under operating leases are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 42 ) .

Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. INTANGIBLE FIXED ASSETS
Computer
Website software Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 26,463 23,024 49,487
AMORTISATION
At 1 July 2022 26,463 10,639 37,102
Amortisation for year - 7,675 7,675
At 30 June 2023 26,463 18,314 44,777
NET BOOK VALUE
At 30 June 2023 - 4,710 4,710
At 30 June 2022 - 12,385 12,385

As at the balance sheet date the carrying value of intangible assets held under finance leases was £4,710 (2022: £9,420).

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2022 262,115 47,980 256,942 169,227 736,264
Additions 16,111 - 16,476 176,266 208,853
At 30 June 2023 278,226 47,980 273,418 345,493 945,117
DEPRECIATION
At 1 July 2022 168,901 31,923 170,271 135,553 506,648
Charge for year 24,850 4,014 37,178 36,143 102,185
At 30 June 2023 193,751 35,937 207,449 171,696 608,833
NET BOOK VALUE
At 30 June 2023 84,475 12,043 65,969 173,797 336,284
At 30 June 2022 93,214 16,057 86,671 33,674 229,616

Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 28,403 115,167 124,890 268,460
Additions - - 174,670 174,670
Transfer to ownership (20,999 ) (54,189 ) (44,127 ) (119,315 )
At 30 June 2023 7,404 60,978 255,433 323,815
DEPRECIATION
At 1 July 2022 14,052 86,593 94,866 195,511
Charge for year 1,464 12,993 33,096 47,553
Transfer to ownership (12,509 ) (52,684 ) (44,127 ) (109,320 )
At 30 June 2023 3,007 46,902 83,835 133,744
NET BOOK VALUE
At 30 June 2023 4,397 14,076 171,598 190,071
At 30 June 2022 14,351 28,574 30,024 72,949

6. STOCKS
2023 2022
£    £   
Stocks 113,160 131,466
Work-in-progress 47,127 64,626
160,287 196,092

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,921,852 953,059
Other debtors 4,801 135,013
Factoring account - 10,239
Prepayments and accrued income 33,177 25,721
1,959,830 1,124,032

Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts and finance leases (see note 10)
78,835

68,170
Trade creditors 510,488 343,631
Taxation and social security 203,951 150,636
Other creditors 25,572 18,726
Directors' current accounts 11,136 28,744
Accruals and deferred income 21,018 66,582
901,000 726,489

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 50,000 50,000
Bank loans - 2-5 years 66,667 116,667
Hire purchase contracts and finance leases (see note 10)
128,344

52,023
Accruals and deferred income 15,625 23,125
260,636 241,815

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2023 2022 2023 2022
£    £    £    £   
Net obligations repayable:
Within one year 73,195 58,521 5,640 9,649
Between one and five years 128,344 46,383 - 5,640
201,539 104,904 5,640 15,289

Non-cancellable operating leases
2023 2022
£    £   
Within one year 76,683 75,644
Between one and five years 137,247 204,642
In more than five years - 21,240
213,930 301,526

Advantex Network Solutions Limited (Registered number: 04552078)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts and finance leases 207,179 120,193
Bank loans 166,667 216,667
373,846 336,860

Hire purchase contracts and finance leases are secured on the assets to which they relate. Some fixed assets on hire purchase are secured by a director's personal guarantee.

Bank loans are secured by way of a fixed and floating charge over the undertaking and property of the company.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 26,025

Deferred
tax
£   
Balance at 1 July 2022 26,025
Accelerated capital allowances (26,025 )
Balance at 30 June 2023 -

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

14. RELATED PARTY DISCLOSURES

There were no related party transactions other than those concluded under normal market conditions, except for those shown below.
2023 2022
£ £
Amounts due to directors 11,136 28,744

No interest has been charged.